What a risk decision about this vault can rest on

Six questions, and what we hold for each. This is not a score and there is no letter at the end of it: the answers are different kinds of thing and compressing them into one number would hide exactly the part a reader needs. Where we have nothing, the row says so. 2 of 6 are not measured for this vault.

• What does it hold or lend into?DeclaredUSDCThe venue names a deposit asset. What the vault actually holds behind it has not been read.
• How much could leave now?Not measured—No exit reading. This is the figure that decides whether a position can be left, and we do not have it.
• Who runs it, and what else have they run?Measuredstrategic pA named operator with a record across every vault they run, including the ones that closed.
• What does it depend on?DeclaredHyperliquid on HyperliquidThe venue and the chain are known; what the strategy routes into underneath them has not been read.
• Who can change it, and how fast?Not measured—Access control has not been read for this vault. Who can move the money, and how quickly, is unknown. That is not the same as nobody being able to.
• How much of the above was measured?Measured3 of 5 not measuredCounted from the rows above rather than asserted. Every figure on this page carries when it was read and what it was read from; the gaps are listed on /reconciliation with their size.

Amber means the evidence is incomplete, never that the vault is risky, and grey means we did not read it rather than that there is nothing to read. Nothing here is a rating, a recommendation, or a statement that this vault is safe.

The rate, and the seven things that qualify it

A quoted rate is one input, not a verdict. These are the same seven fields in the same order for every vault, so a high rate and a high rate nobody can withdraw from do not look alike.

Current quoted rate

-1.3%As the venue states it, from Hyperliquid. Passed on rather than adopted, and whether rewards are inside it is the next row.

Rewards inside that rate

No reward rate is published, so we cannot say whether the quote includes one.A published rate, not a verified payment. Promotional projections and amounts actually accrued are different things and this is the first.

Realised return

-8.4% over 27 daysDerived from the share price we read, over the window stated. Annualisation is secondary: the window is the measurement.

Fee basis

Already inside the share priceA return derived from the share price is net of whatever the venue already deducted. Fees charged outside it are not in either number.

Withdrawable now

The venue publishes no withdrawable figure, so no amount is claimed either way.A reading of now, not a promise about the day somebody tries. An accruing rate with nothing withdrawable is the case this section exists for.

History quality

13 readingsHow many observations the derived figure rests on. A rate from three readings and one from three hundred are not the same claim.

Timing indicates model assisted management, confidence 28%.

• · A large share of fills land on minute boundaries.

Timing only. This says nothing about whether the strategy is any good, a losing bot is still a bot.

How the capacity estimate was reached

• No instrument showed a positive edge against its realised cost.

Rebuilt from the venue’s own open and close labels on every fill. A return figure cannot say whether it came from being right often and small or rarely and large, and those are opposite businesses.

22 round trips, 45% of them profitable, holding a median 24.2 hours. Average win $4, average loss $1.

What is still missing

• Operator cohort. We show what the venue still exposes; strategies deleted before we began observing are invisible, and only pre-registration can make a cohort provably complete.
• Gross-to-net waterfall. Returns are venue-reported and not yet decomposed into fees, funding and slippage.
• Off-chain exposure. Anything held on a centralised exchange is invisible to us, so the risk shown is a floor.